SAO PAULO,(Reuters) - Brazil could compete better in global agriculture markets if it increased infrastructure investment and diversified its transport network, an executive at COFCO International, the Chinese commodities trader, said on Monday.
Eduardo Gradiz Filho, head of grains and oilseeds for COFCO in the country, said at an agribusiness conference that Brazil’s port infrastructure is adequate but the country still relies too much on trucks to ship farm products, which is inefficient.
DAVOS, Switzerland — Brazilian President Michel Temer urged the industry giants at the World Economic Forum to invest in his country despite its falling credit rating, by promising tax reform, efficient bureaucracy and fiscal responsibility.
“Brazil is back in business,” Temer said Wednesday. “Do invest in Brazil and you shall not regret it.”
Brazil’s fiscal crisis began in 2015 and the country has suffered from a high unemployment rate and a deep budget deficit. Two weeks ago, the ratings agency S&P downgraded Brazil’s credit rating from BB to BB-.
(Updates prices, adds details from Mexico) By Bruno Federowski
WASHINGTON, DC – China’s investment in Brazil, the largest country in Latin America, has been growing by the year, largely under the radar of the United States, according to two experts.
Chinese foreign direct investment in Brazil grew 37 percent between 2010 and 2016, said Andre Soares, counselor at Inter-American Development Bank, at a discussion at the George Washington University’s Elliot School on Monday.